National Personal Auto premium rates decreased while Personal Property rates increased in all provinces year over year
MISSISSAUGA, Ont., Oct. 21, 2021 (GLOBE NEWSWIRE) — Applied Systems® today announced the third quarter of 2021 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q3 2021, average premiums for Personal Auto lines decreased year over year, while Personal Property lines remained up over the same period. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to Q2 2021.
Key findings for Q3 2021 include:
- Personal Auto: In Q3 2021, average Personal Auto premiums decreased -2.7% versus Q3 2020. Average Personal Auto premiums increased 9.4% versus Q2 2021.
- Personal Property: In Q3 2021, Personal Property average premiums increased 4.9% versus Q3 2020. Personal Property average premiums increased 1.2% versus Q2 2021.
- Provinces: Across Personal Auto, Alberta, Ontario, Quebec and the Atlantic Provinces all saw increases from last quarter with 3.0%, 9.7%, 4.8% and 5.6% respectively. Specific to Personal Property, Quebec’s year-over-year premiums saw a moderate decrease of -0.9%. Alberta, British Columbia, Ontario, Saskatchewan and Manitoba, and the Atlantic provinces all saw increases year over year of 10.3%, 7.8%, 3.6%, 7.0% and 5.2% respectively.
“Our data indicates that the Personal Auto market, while softening relative to prior year, is tightening given the quarter to quarter increases. The Personal Property market continues to show hardening as rates keep trending upwards,” said Steve Whitelaw, vice president and general manager, Applied Systems. “As renewals seasons hits full swing, the Applied Rating Index will deliver the data needed to have well-informed conversations on potential premium changes.”
The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing more than 1.3 billion quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. Representing more than 80% of the brokerage market and 675 insurer rating plans written by brokers, the Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.
Access the complete quarterly report here.
Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
CONTACT: Lauren Malcolm Applied Systems email@example.com
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